A new security roadmap to fight payment frauds

Can you update us on the current payment and security landscape in Vietnam? Also, in comparison to other markets, how is fraudulent activity performed and controlled here? Abdul Rahim The internet, mobile technology, and rising social networks are having a profound impact on consumers, their habits, and how they behave. In Vietnam, we are seeing a significant growth in e-commerce transactions. At the same time, fraud has shifted from the card-present channel, the bulk of which is counterfeit (CFT) fraud to the card-not-present (CNP) channel, primarily the e-commerce channel. From 2014 to 2017, the percentage of CNP fraud in Vietnam has increased from 75 per cent to 83 per cent, and one of the reasons for this is the adoption of EMV chip in the market, which helps to prevent CFT frauds, and as such, frauds have migrated from the CFT to the CNP channel. Globally, the fraud rate is less than 10 basis points, meaning out of every $100 spent, $0.10 is reported as fraud. For the Vietnamese market, it’s only $0.03 out of every $100 spent. The fraud rate for Vietnam has remained low due to the collective efforts of the Vietnamese government, payment networks, financial institutions, merchants, and law enforcement. What is the role of Visa as a payment technology firm in helping Vietnam minimise the risk of fraud and ensure security for its customers? We continue to focus on four data-centric strategies: devaluing data, protecting data, harnessing data, and empowering consumers. Our best defense is to… [Read full story]